"The sale will enable IOC to have long term association with its joint venture partner and ... Lubrizol India Pvt Ltd (LIPL) to have access to the latest global additive technologies developed by Lubrizol Corporation, USA," an official statement said.

LIPL, where the US firm holds the remaining 76 per cent stake, is in the lube additives business.

"The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, today gave its in-principle approval to permit IOC to sell its 24 per cent equity in one of its joint venture companies, Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other joint venture partner," the statement said.

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